proof of funds

[zecdojojo]

Hello, with the new rules on federal skilled workers application, do one needs to submit proof of funds together with the application package to nova Scozia in Canada

 

[Cappuccino]

Hello, with the new rules on federal skilled workers application, do one needs to submit proof of funds together with the application package to nova Scozia in Canada

Yes proof of funds along with all docments required by both the CIO checklist and your own visa specific checklist must be submitted in the initial appication to Sydney, NS.

 

[Maani1985]

Yes, each and every document listed in CIO checklist and VO checklist are required with your application to CIO

EXCEPT

PCC

 

[mkshah]

HI,
I will be sending my application soon. I have few queries regarding proof of funds.

What documents they consider as valid proof of funds?

Will Bank FD be considered?
Do they consider the valuation report by a Real Estate Valuator/Surveyor for house property on applicant's name as Proof of Funds? Can this be sent as Proof of Funds?
Also clarify, what do they mean by Bank Verification letter? Is it the same as Bank Statement or something else?

Do they need Bank Statement of 6 months or so?

Do they contact applicant's bankers to check the bank balance at later stage during application procedure from their end?

Looking at your valuable expert advise.

Thanks in Advance.

 

[Maani1985]

They will only consider the value of liquidable assets (Cash, NR, Short Term Bonds, Close to maturity CD, etc).

But the CIO is not going to take the pain of evaluating your assets, so they will only look for CASH CASH & CASH

6 months bank statements.
Letter from bank, which should say current balance and 6-month average balance.
Funds should at lest be consistent, if not stable.
Savings account is preffered over checking/current account.

Hope it helped.

 

[mkshah]

Hi Manni
Thanks for reply.
Is the 6 months Bank Statement necessary?

 

[Maani1985]

'6 months statement phase' is mentioned in CIC FSW guide. If for some reason you can't get 6 months statements (lets say, you opened account 4 months ago), then mention that where you had this money 4 months ago. A very good reason you can give is that: " I invest in gold, i had this money in gold jewelry" 4 months ago when the gold pricxes were on peak i encahsed all gold and put it in bank account.

hope it helped.

 

[Cappuccino]

They will only consider the value of liquidable assets (Cash, NR, Short Term Bonds, Close to maturity CD, etc).

But the CIO is not going to take the pain of evaluating your assets, so they will only look for CASH CASH & CASH

6 months bank statements.
Letter from bank, which should say current balance and 6-month average balance.
Funds should at lest be consistent, if not stable.
Savings account is preffered over checking/current account.

Hope it helped.

As well as cash in bank, CIC still explicitly states that proof of funds can include the value of any property.

So you cannot include gold + jewelry etc. However if you submit professional evaluations of your property (3 is advisable) and an up to date mortgage statement or letter, then they can see how much equity you have in your home.

I understand some visa offices are more willing to accept property for proof of funds than others. When we contacted London office they confirmed to us that they still accept property as proof of funds.

However, this is just at the initial application stage. When you travel to Canada to complete your Record of Landing the officers are the airport may ask to see proof of funds, and these funds will have to be cash i.e. traveller's cheque/bank draft etc for Canadian dollars, or at the very least a currency which is easily transferrable such as Euros, Sterling, US dollars etc.

Wayne.

 

[cforcanada]

Hi Manni
Thanks for reply.
Is the 6 months Bank Statement necessary?

Not necessarily. It depends upon the visa office. Buffalo office in New York needs 6 months statement. From New Delhi its only 3 months. So it depends where you are applying from.

Checking/Saving/FD/etc doesn't matter what type of account you have..................only thing that matters is you should have required fund, so that once you go to canada, you have enough money to take care of yourself.

Goodluck.

 

[mkshah]

Hi, I am having FDs on my name and Joint FD on my as well as my mother's name. Total fund for this FDs make up to 14000 CAD.
Will this be accepted as POF?
Also I am considering valuation report of my property by a government valuator and will include it as POF.
Give your suggestions about this option also.

As well as cash in bank, CIC still explicitly states that proof of funds can include the value of any property.

So you cannot include gold + jewelry etc. However if you submit professional evaluations of your property (3 is advisable) and an up to date mortgage statement or letter, then they can see how much equity you have in your home.

I understand some visa offices are more willing to accept property for proof of funds than others. When we contacted London office they confirmed to us that they still accept property as proof of funds.

However, this is just at the initial application stage. When you travel to Canada to complete your Record of Landing the officers are the airport may ask to see proof of funds, and these funds will have to be cash i.e. traveller's cheque/bank draft etc for Canadian dollars, or at the very least a currency which is easily transferrable such as Euros, Sterling, US dollars etc.

Wayne.

 

[rocky272727]

Hi, I am having FDs on my name and Joint FD on my as well as my mother's name. Total fund for this FDs make up to 14000 CAD.
Will this be accepted as POF?
Also I am considering valuation report of my property by a government valuator and will include it as POF.
Give your suggestions about this option also.

Documents sent to CIO are checked for completeness and basic eligibility. Technically you should follow the local visa office checklist and acceptable documents and formats to send to CIO as well like whether FD's is acceptable or not example the New Delhi office has accepted in past FD's with parents but now days they have sent emails and earlier as well responding to applicants query that only spouse with she/he is immigrating as well then joint funds in their names are valid

 

[mkshah]

HI Rocky,
Thanks for the Reply. Requesting to guide further.
Does it make any effect on my application, if FD is made on a recent Date?
Because in this case, as suggested by you, if only spouse's name is considered for joint FDs, then I need to ask my mother to liquidate all the joint FD on my and her name and to make new FDs in joint name of me and my wife.

Also I am planning to put valuation report of my property as POF. Will it be considered by CIO? New Delhi VO accepts it as valid POF but no idea for CIO.

IN case of Bank Balance, will the Bank Balance Verification certificate do?
or I need to submit 3/6 months bank statement?

Or If I do it like this way? Initially I will submit Bank Balance Verification Certi to CIO and then at VO stage, I will produce Bank statement.

 

[jaggibrijesh]

I am applying for fsw from London. How many months bank statement do i need to produce as funds when i send my application to canada??

As well as cash in bank, CIC still explicitly states that proof of funds can include the value of any property.

So you cannot include gold + jewelry etc. However if you submit professional evaluations of your property (3 is advisable) and an up to date mortgage statement or letter, then they can see how much equity you have in your home.

I understand some visa offices are more willing to accept property for proof of funds than others. When we contacted London office they confirmed to us that they still accept property as proof of funds.

However, this is just at the initial application stage. When you travel to Canada to complete your Record of Landing the officers are the airport may ask to see proof of funds, and these funds will have to be cash i.e. traveller's cheque/bank draft etc for Canadian dollars, or at the very least a currency which is easily transferrable such as Euros, Sterling, US dollars etc.

Wayne.

 

[drhabib]

can i show the balance of the savings account and provident fund account of my wife as POF

 

[hardeep330]

Hi Rocky/senior members,

My visa office is New Delhi and i have to submit docs. within 120 days(before 26th june'10 application). My question is that, can i submit the FD Certificate as proof of funds ? If yes, it is necessary to have old FD, as in my case, FD is in my name but I just get this on 2 days before...pls help.